During Forest Fires and COVID, Enter the Smart Inhaler
A Breath of Fresh Air for an Ailing Class of Medical Device
WELLESLEY, Mass., October 7, 2020 (Newswire.com) - The global market for smart inhalers was valued at $104.7 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 26.8% to reach approximately $512.1 million by 2024, according to the latest report by BCC Research: Smart Inhalers: Global Markets.
For more than 50 years, inhalers have had a poor track record in terms of patient adherence. With around 500 million people worldwide suffering from asthma and COPD, any treatment improvements are welcome indeed.
“Smart” inhalers, those with added digital features that communicate with an app on a patient’s mobile device, are poised for wide acceptance and regulatory approval, and pharma companies are racing to partner with software platforms to take advantage.
Inhalers that remind people when it’s time to take a dose, warn of poor air quality (pollen, smoke, etc.), and correct poor technique are about to change the market drastically. Additionally, these devices will make it easier for clinicians to monitor and verify a patient’s adherence, allowing clarity of information leading to more effective care decisions.
Report Highlights
- The smart inhalers market’s rapid growth rate is attributed to the increasing number of partnerships between pharma and digital companies that have been formed to introduce smart inhalers. For instance, Boehringer Ingelheim, GlaxoSmithKline, and Novartis have signed development deals with Propeller Health, while AstraZeneca has signed a master supply agreement with Adherium. Propeller Health has the highest number of partnerships with pharma, and its add-on inhaler sensors cover nearly 90% of the currently available types of inhalers.
- Based on product type, the market is categorized into DPI-based smart inhalers and MDI-based smart inhalers. The DPI-based smart inhalers segment is expected to grow at a higher CAGR, 28.9% through 2024, thanks to the emergence of the advanced technology needed to overcome the drawbacks of existing DPI. Increased inhaler effectiveness, particularly for children, geriatric populations, and populations with disabilities, will also drive the segment’s market growth.
- By disease indication, the market is fragmented into asthma and COPD. The asthma segment is anticipated to hold the largest market share through 2024, thanks to the increasing number of asthma patients and the launch of technologically advanced products to treat the disorder.
Read the full report here: https://www.bccresearch.com/market-research/medical-devices-and-surgical/smart-inhalers-market.html.
Smart Inhalers: Global Markets( MDS021A )
Publish Date: Sep 2020
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Source: BCC Research
